OSA Weekly Update - 6/28/2024
1. Message from Auditor Blaha
2. Opportunity: Fire Relief Association Working Group
3. Avoiding Pitfall: Obtaining Loans or Lines of Credit
4. Deadlines
1. Message from Auditor Blaha
Happy New Fiscal Year on Monday to all who celebrate! In Minnesota, different entities use different accounting periods. If you’re at the state government level or school district level, this week was about wrapping up your fiscal year that ends June 30th. If you’re at the county, city, or township level, you’re likely on a calendar year schedule, so you have some time before your December 31st year end date. If you receive federal funds, your fiscal year ends September 30th. If you work with funding that comes from different levels of government, these dates will be familiar to you as deadlines for various reporting requirements. Regardless of the end of your fiscal year, have a great weekend!
2. Opportunity: Fire Relief Association Working Group
There's one open seat on the State Auditor’s Fire Relief Association Working Group. Candidates must be current trustees or members of a relief association with a defined-benefit plan. If you’d like to be considered, or have any topics you’d like the Working Group to consider taking up, contactRose Hennessy-Allenwith the OSA’s Pension Division.
The first meeting of the Working Group is scheduled for Wednesday, July 24, from 10-11:30 a.m., with options to attend in-person at our St. Paul office or remotely via Teams. Meetings will also be livestreamed, with recordings available on theOSA website.
3. Avoiding Pitfall: Obtaining Loans or Lines of Credit
The authority of a local unit of government to incur indebtedness is governed by statute. Many local units of government have authority to issue bonds or certificates of indebtedness for specific purposes, often subject to restrictions on amount or duration. Some local units of government are authorized to enter into a lease-purchase agreement or installment contract with a local bank, equipment company, or other entity. See, e.g.,Minn. Stat. § 465.71.
School districts, with certain limitations, have specific statutory authority to obtain a line of credit from a financial institution. See e.g.,Minn. Stat. § 123B.12 (b).
However, absent this type of specific authority to obtain a loan or line of credit, governmental entities may not simply go to a financial institution and take out a conventional loan or line of credit.
The full Avoiding Pitfall is available on theOSA website.
4. Deadlines
Due: 2023 Fire Relief Association Reporting due June 30, 2024
Reporting forms and audited financial statements for fire relief associations with at least $750,000 in assets or liabilities are due byJune 30.Reporting forms are accessed and submitted through theState Auditor’s Form Entry System (SAFES).The forms can be signed electronically in SAFES or paper signature pages can be submitted. Additional information is provided in theReporting Checklist.
Due: 2023 City and Township GAAP basis Reporting due July 1, 2024
The 2023 Annual Financial Reporting Form and Audits for Cities and Townships reporting on a GAAP basis of accounting are dueJuly 1, 2024,and should be submitted throughSAFES.Any other related documents can be emailed to[email protected].
If you don’t have a SAFES username and password, email[email protected].If you have any questions on reporting, send an email to[email protected].
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